The Central Bank of Nigeria (CBN) has expressed concern over the increasing trend of illicit transactions involving the naira.
CBN Governor Olayemi Cardoso revealed that mystery shopping exercises in major cities such as Abuja, Asaba, and Kano exposed widespread abuse of the currency, including its commoditisation and misuse at social events.
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Cardoso warned that these practices distort the naira’s value and undermine public trust in the financial system. He urged law enforcement agencies to take firm action against offenders.
Meanwhile, National Security Adviser Nuhu Ribadu highlighted the unregulated movement of cash as a growing security risk, calling for stricter regulations and improved oversight to curb illegal activities.
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